Those guys were calling for 250 when gold was on its way to 1000. If gold turns around and goes to 900 he'll say the bull is back and when it goes higher he'll say he was right.
Also, a lot of people predicted this downturn in the economy not just Prechter. I lost a bundle because of those guys. Don't trust them, they get it wrong also.
During deflation all asset classes fall including gold. The only safe asset in deflation is cash from the "perceived" strongest currency which is the dollar(and short term treasury bills) and poss the yen. That being said, after a deflationary depression there could be hyperinflation--bottom line BUY GOLD CHEAPER I will start to add to my "physical gold @ $650 and below!! LOL
POG support at $750.00, should be there in 3 days. Crude will sell off, Gold will sell off with it. Dollar will go up with Crudes decline. Heating Oil build was 6mln, that is not good for futures.
Gold will bounce off the $800 level. New highs in April per Martin Armstrong's next turn date( 4/23/09 ). How long do we have to listen to Precther being wrong for so long? Gold was supposed to be under $200 years ago. What kind of trading advice is that? useless!
You are correct that Prechter has been wrong back in the early 1990's to 2000 when he suggested gold will go below 250. He does not have that view point now but does suggest that gold will go towards 550.
He has been more correct about the markets an commodity in the past 5 years than anyone else I know. Tim Woods is another analyst that has been bang on for the past 2 years than anyone else too.
Both are calling for lower prices.
I have been also listenning to the Jim Puplava and he has been wrong the most in the past 3 years and has huge following in the PM sector and his followers has been decimated and many that follows the gold newsletter writter.
Many writers at eagle.com that touts gold, silver stock have been killed, especially those that bought late in 2005.
Even HRG.to is much lower than its lowest share price back in 2003 ...WOW.
I see gold going lower also.